Petro-Canada Completes First Mackenzie Delta Well Successfully

Apr 30, 2001, 01:00 ET from Petro-Canada

    CALGARY, April 30 /PRNewswire/ - Gas shows and a perfect safety record
 highlight a successful Petro-Canada drilling program this winter in the
 Mackenzie Delta.
     Petro-Canada and partner Anderson Exploration encountered a number of
 sand zones with gas shows while drilling the Kurk M-15 well about 150
 kilometres northwest of Inuvik. The exploratory well is the first of a
 multi-year drilling program by Petro-Canada and Anderson in the Mackenzie
 Delta region of the Northwest Territories.
     "The drilling operation couldn't have gone more smoothly," said
 Graeme Phipps, Petro-Canada Vice President, Exploration and International.
 "Gas-saturated sands encountered by drilling were confirmed by the logs and
 are now safely behind pipe. The information we have is preliminary and still
 being evaluated, but we're certainly encouraged."
     When those evaluations are complete, Petro-Canada may test the
 gas-saturated zones next winter with a service rig. "That way we could
 determine reserve potential and productivity," Phipps said.
     The Kurk well was drilled to a depth of almost 3,100 metres. That's about
 400 metres deeper than the original target, but favourable Arctic weather and
 flawless drilling performance made the deeper hole possible. The Kurk rig is
 now in summer storage at nearby Swimming Point base camp. Petro-Canada intends
 to use the rig to drill two exploration wells per year for the next five
 years.
     Petro-Canada and Anderson also shot over 700 square kilometres of 3-D
 seismic data during the past winter - another smooth operation without
 incident. "These seismic operations will provide us with a number of drilling
 options in the years to come," Phipps said.
     Petro-Canada is one of the largest leaseholders in the Delta with
 undeveloped acreage of about one million gross acres (0.6 million net acres).
     Petro-Canada is one of Canada's largest oil and gas companies, operating
 in both the upstream and downstream sectors of the industry. Its common and
 variable voting shares trade on the Toronto Stock Exchange under the symbol
 PCA, and its variable voting shares trade on the New York Stock Exchange under
 the symbol PCZ.
 
 

SOURCE Petro-Canada
    CALGARY, April 30 /PRNewswire/ - Gas shows and a perfect safety record
 highlight a successful Petro-Canada drilling program this winter in the
 Mackenzie Delta.
     Petro-Canada and partner Anderson Exploration encountered a number of
 sand zones with gas shows while drilling the Kurk M-15 well about 150
 kilometres northwest of Inuvik. The exploratory well is the first of a
 multi-year drilling program by Petro-Canada and Anderson in the Mackenzie
 Delta region of the Northwest Territories.
     "The drilling operation couldn't have gone more smoothly," said
 Graeme Phipps, Petro-Canada Vice President, Exploration and International.
 "Gas-saturated sands encountered by drilling were confirmed by the logs and
 are now safely behind pipe. The information we have is preliminary and still
 being evaluated, but we're certainly encouraged."
     When those evaluations are complete, Petro-Canada may test the
 gas-saturated zones next winter with a service rig. "That way we could
 determine reserve potential and productivity," Phipps said.
     The Kurk well was drilled to a depth of almost 3,100 metres. That's about
 400 metres deeper than the original target, but favourable Arctic weather and
 flawless drilling performance made the deeper hole possible. The Kurk rig is
 now in summer storage at nearby Swimming Point base camp. Petro-Canada intends
 to use the rig to drill two exploration wells per year for the next five
 years.
     Petro-Canada and Anderson also shot over 700 square kilometres of 3-D
 seismic data during the past winter - another smooth operation without
 incident. "These seismic operations will provide us with a number of drilling
 options in the years to come," Phipps said.
     Petro-Canada is one of the largest leaseholders in the Delta with
 undeveloped acreage of about one million gross acres (0.6 million net acres).
     Petro-Canada is one of Canada's largest oil and gas companies, operating
 in both the upstream and downstream sectors of the industry. Its common and
 variable voting shares trade on the Toronto Stock Exchange under the symbol
 PCA, and its variable voting shares trade on the New York Stock Exchange under
 the symbol PCZ.
 
 SOURCE Petro-Canada